PARTNERSHIP AGREEMENT
This Partnership Agreement (the “Agreement” is made and entered into on
________ (the “Execution Date”) by and between the following parties:
- Wanis Saud
- Ibrahim Al-Furatia
- Muhammad Al-Kout
BACKGROUND:
a. The Partners wish to associate themselves as partners in business.
b. This Agreement sets out the terms and conditions that govern the Partners within
the Partnership.
IN CONSIDERATION OF, and as a condition of the Partners entering into this
Agreement and other valuable consideration, the receipt and sufficiency of which
consideration is acknowledged, the Parties to this Agreement agree to the following: - FORMATION
The partners will form two companies namely Company A which is Awwad
Transportation LLC and Company B which is Freightline Express LLC respectively.
Company A will be owned by Ibrahim Al- Furati : 66.3% and Wanis Saud 33.3% each
while Company B will be owned by Muhammad Al-Kout : 66.3% and Nees Saud: 33.3
%. - PURPOSE
The purpose of the Partnership will be the following: _______ - PLACE OF BUSINESS
The principal office of business of Company A will be located at ____
and that of Company B will be located at ________ - CAPITAL CONTRIBUTIONS
Each of the partners will pay any cash advances or loans owed to the business
including all rented trucks and equipment. Partners are responsible for any financial
cost, any damages or judgment from the beginning of June 1 st 2019 to January 1 st 2021. - CAPITAL ACCOUNTS
An individual capital account (the “Capital Accounts”) will be maintained for each
Partner and their initial capital contribution will be credited to this account. Any
additional capital contributions made by any Partner will be credited to that Partner’s
individual capital account. - FINANCIAL DECISIONS
Decisions regarding the distribution of profits, allocation of losses, and the requirement
for additional capital contributions as well as all other financial matters will be decided
by a unanimous vote of the Partners. - PROFIT AND LOSS
Subject to other provisions of this Agreement, the net profits and losses of the
Partnership, for both accounting and tax purposes, will accrue to and be borne by the
Partners in equal shares. - VOTING
In any vote required by the Partnership, the vote cast by each Partner will be assessed
where each Partner receives one vote carrying equal weight. - ACCOUNTING
Accurate and complete books of account of the transactions of the Partnership will be
kept according to the generally accepted accounting principles (GAAP) and at all
reasonable times will be available and open to inspection and examination by any
Partner. The books and records of the Partnership will reflect all the Partnership’s
transactions and will be appropriate and adequate for the business conducted by the
Partnership. - MEETINGS
Regular meetings will be held by the partners as they may deem appropriate. - INDEMNIFICATION
All Partners will be indemnified and held harmless by the Partnership from and against
any and all claims of any nature, whatsoever, arising out of a Partner’s participation in
Partnership affairs. A Partner will not be entitled to indemnification under this section of
liability arising out of gross negligence or willful misconduct of the Partner or the breach
by the Partner of any provision of this Agreement. - AMENDMENTS
This Agreement may not be amended in whole or in part without the unanimous written
consent of all Partners. - ENTIRETY
This Agreement contains the entire agreement between the Parties. All negotiations and
understandings have been included in this Agreement. Statements or representations
which may have been made by any Party to this Agreement in negotiation stages of this
Agreement may in some way be inconsistent with this final written Agreement. All such
statements are declared void in this Agreement. Only the written terms of this
Agreement will bind the Parties. The Agreement and the terms and conditions are
binding upon all Parties to this Agreement.
- GOVERNING LAW
This Agreement will be construed and interpreted according to the laws of
IN WITNESS WHEREOF, this Agreement has been executed and delivered in the
manner prescribed by law as of the Effective Date first written above.
Name: ______
Signature: ____
Date: _______
Name: ______
Signature: _____
Date: _____
Name: _____
Signature: ______
Date: ______
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